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Accounting treatment of income tax refund and interest

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(Querist)
05 October 2024 Accounting treatment of income tax refund and interest in the case of individuals.How to make journal entry in the books of accounts.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 October 2024 Account it against income tax under assets side excess income tax paid waiting for refund.
Account interest received against other income.
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